Translation: Original published in Finnish on 11/5/2026 at 9:20 am EET.

Source: Inderes Revenue, EBITDA, EBITA, EBIT, and EPS (adj.) are from continuing operations. EPS (reported) also includes discontinued operations.

Sitowise's Q3 result exceeded our expectations, as strong growth in the Infra and Buildings business units pushed both revenue and adjusted EBITA higher than our estimates. The profitability of the Buildings business improved year-on-year but remained clearly below the target level. Order intake, by contrast, remained subdued due to weak demand in the Digital Solutions business, and the order book decreased slightly from the previous quarter. We estimate that the reporting period will create slight upward pressure on our earnings estimate for the current year.

Infrastructure and Buildings boosted growth

Sitowise's revenue from continuing operations increased by 5.3% to 37.6 MEUR (Q3'25 35.7 MEUR), while our forecast was 36.0 MEUR. Revenue from the Infrastructure business grew by 8.2% to 17.4 MEUR (forecast: 16.6 MEUR), and, according to the company, this growth was supported by previously secured tramway projects, as well as transport infrastructure and green transition projects. The Buildings business area's revenue grew by 7.6% to 12.1 MEUR, whereas we expected it to remain at the level of the comparison period (11.3 MEUR). While we estimated that support from data center projects would be offset by weak new residential construction, the company reported that the workload of data center projects was high during the quarter and drove the segment to clear growth. Digital Solutions' revenue decreased by 3.4% to 8.0 MEUR, nearly matching our estimate (estimate 8.1 MEUR), and ARR growth slowed further to 2.3% (Q2'26: 3.9%).

Profitability improved contrary to our expectations

The adjusted EBITA increased to 3.7 MEUR (Q3'25 3.2 MEUR), or 9.8% of revenue, while our estimate was 3.0 MEUR (8.4%). According to our estimate, the beat is primarily due to higher-than-expected volume in the Infra and Buildings business areas. The company reported that the profitability of the Infra business was clearly above the 12% target level. Digital Solutions' profitability was also above the target level, supported by the seasonally high share of SaaS products and the personnel reductions implemented in Q2. The profitability of the Buildings business improved significantly year-on-year thanks to an increased utilization rate but remained below an adjusted EBITA margin of 5%. The group’s utilization rate remained at 74.3% in the quarter, the same as in the comparison period.

Items affecting comparability totaled 0.3 MEUR, and EBIT rose to 2.5 MEUR (estimate: 2.2 MEUR). Net financial expenses were 1.5 MEUR (estimate around 1.4 MEUR), and earnings per share from continuing operations were EUR 0.02. The loss from discontinued operations in Sweden was 3.5 MEUR for the quarter, which is slightly lower than our estimated loss of 4.0 MEUR. As we expected, most of the loss came from a 2.8 MEUR translation difference that had accumulated in the Swedish operations and was recognized in the income statement when the transaction was completed. This item has no cash flow impact. According to our calculations, the reported earnings per share was EUR -0.07 (estimate EUR -0.09).

Order intake remained sluggish, weighed down by Digital Solutions

Orders received during the quarter decreased to 32.3 MEUR (Q3'25: 36.2 MEUR). According to the company, order intake was higher than in the comparison period for the Infra and Buildings businesses, indicating that the decline originated from Digital Solutions. The order book stood at 140.0 MEUR at the end of September (Q2'26: 145.3 MEUR, Q3'25: 139.0 MEUR), whereas we expected it to remain roughly at the Q2 level. The order book of the Infra business grew, and the order book of the Buildings business was higher than in the comparison period, while the order book of Digital Solutions normalized closer to normal levels from previous highs, according to the company's comments.

Sitowise still did not provide guidance for 2026, and the business-unit-specific market outlooks remained unchanged. The company expects items affecting comparability to more than double from the 2025 level (2.0 MEUR), which would mean significant items for Q4 as well, following the 2.3 MEUR in January–September. Net debt decreased to 70.9 MEUR, and net debt/adjusted EBITDA was 4.1x (Q2'26: 4.2x). EBITDA was 4.1x (Q2'26 4.2x). We estimate that the Q3 result will create slight upward pressure on our estimates for the current year.